The Office of Federal Housing Oversight’s third quarter report is out. Home prices appreciated at the slowest price in almost a decade in the third quarter, an annualized rate of only 3.45%.

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Third quarter GDP, the broadest gauge of economic activity, was revised upward to 2.2% today from the initial estimate of 1.6%. That is unambiguously good news for the US economy.  New Home sales in October fell but prices jumped in comparison to September. That may well indicate that the record drop in prices in September was an anomaly. Fed Chairman Bernanke spoke encouragingly about the next several quarters though the tight labor market is of concern.

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Of course, we here on Maui cherish our humpback whales and look forward to their annual migration. They are majestic creature and display behaviors that even naturalists struggle to explain. Could this be part of the reason?

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From the Maui News

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Two properties have closed in Grand Champions in the last week. Unit 96, a remodelled three bedroom sold for $1.025 million and unit 148 a two-bedroom has sold for $930,000. Both had been on the market for several months.

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Over the past week in Maui the activity level has really accelerated. An oceanfront estate in Makena listed for $20 million has gone into escrow after less than two weeks on the market, as have a $7 million dollar listing in Wailea Highlands, and a $4.95 million condominium in Wailea Point. Kai Malu units have had their initial eleven closings this week. Thirteen Kihei and Wailea properties have gone into escrow in the past seven days. We are also seeing the beginnings of current owners of Maui properties  listing properties for sale in the present selling season.

Tom, Sean and Dan would like to thank you all for your business this past year and to wish you and yours the Happiest of Thanksgivings. We’ll be back when we have recovered from our excessive turkey consumption.

According to a Wall Street Journal survey of forty nine economists, the worst of the housing downturn is over. The article is here.

Over the last week, no new Grand Champions condominiums have been listed for sale. Unit 96, a three bedroom unit owned by Tom Muldoon and listed for $1.075 million will close for over $1 million in the next few days. We will update you when the closing occurs. Across Wailea, five condominiums have gone into escrow in the past week and for sale inventory remains around 85 units. For more information, click on Current Listings above.

Despite the cries from some of a real estate bust, the lending community continues to pursue real estate  opportunities aggressively. Fifty year mortgages, jumbo loans at low interest rates and modest down payments are still widely available here on Maui. Interest rates currently are very low and lower than last week. For more information, click here.